While you may be satisfied accruing cryptos, at the same time, you would probably want to know how to sell these coins or cash them out if the need arises. However, this is not as easy as it sounds. It is not like a regular wire transfer from bank-to-bank or exchanging fiat money online. Here are some of the quick and secure ways to cash out or sell your crypto coins if required:
- You can look for a buyer for your cryptos online using many of the available resources. This way you can bypass third parties like banks and skip having to pay conversion fees. Exchange rates during these transactions are likely to be steep because the fiat seller is keen to earn something in exchange. However, since there are many scammers and fraudsters out there, you need to be careful that you do not get cheated.
- P2P exchanges are the crypto-to-fiat exchanges which are easy to find. The apps that facilitate such conversions are easy to find and highly reliable. In most cases, buyers and sellers stay anonymous in P2P transfers. An escrow system is put in place to avoid frauds. Fees are present when you make a list or respond to one; these can be steep when transaction amounts are big.
- Today, most people prefer to cash out their coins via exchanges. This is easier when you find reputed and trustworthy exchanges like Binance, Kraken, or Bitfinex. The transfer is quick and secure; the fiat money or cash is usually displayed in your bank account within 6 working days. Since reputed platforms abide my anti money-laundering regulations, you can only withdraw money to the account which you had used to make deposits with. This transfer entails fees and where there are geographical limitations; the time taken may be longer.
- OTC projects can be used for cashing out your cryptos. These over-the-counter desks are often provided by key exchanges; there is a verification process involved after which you may start communicating with the customer service. The latter informs you of the best deals available and you may wait for a better one.
- Cryptocurrency ATMs are facilities that can hand you cash instantly and they are both secure and convenient. However, Bitcoin ATMs are not available in every place; you need to find out where these are situated and if there is one close to you. Incidentally, a big chunk of the global population cannot access such ATMs; countries like China or Japan have none.
- Prepaid crypto cards are a good but more advanced alternative for those interested in saving time and money. Some cryptoexchanges or wallets provide this option, like the BitPay debit card or prepaid Visa card. These may be used at PoS or points of sale in shops. Conversion through this method is instant because the cards typically support multiple cryptos like BTC, LTC, ETH, etc. Fees will also be like regular debit/ credit cards; so, this can be a go-to option for many.